NYMEX crude tumbles to wipe out previous gains

22 November 2013 15:57[Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell by over $1.00/bbl on Friday to take the front-month January WTI contract close to $94.00/bbl as some pre-weekend profit taking wiped out all the gains posted in Thursday’s gasoline-led rally.

By 15:30 GMT, January NYMEX crude had hit a low of $94.05/bbl, a loss of $1.39/bbl from the Thursday close of $95.44/bbl, before recovering to around $94.30/bbl.

At the same time, January Brent crude on ICE Futures was trading much firmer at around $110.10/bbl, having earlier hit a high of $111.40/bbl, a gain of $1.32/bbl from the previous close of $110.08/bbl.